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Georgia Read
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Decks in this class (22)
Definitions
Ad valorem tax,
Adverse selection,
Allocative efficiency
89
cards
1.1.1
What is ceteris paribus,
Why do economists develop models,
What are examples of economy models
5
cards
1.1.2
What is a positive statement,
A weakness of the response is tha...,
How are positive statements typic...
10
cards
1.1.3
What is the basic problem of econ...,
Why is scarcity a problem,
Why is scarcity a relative concept
19
cards
1.1.4
What does the production possibil...,
When is economic efficiency achieved,
What are the three economic agents
16
cards
1.1.5
An introduction of specialisation...,
What was the earliest method of e...,
What are the 4 key functions of m...
40
cards
1.2.1
How do rational consumers make ch...,
What is utility,
What does the rational choice mod...
6
cards
1.2.2
What is demand,
What is effective demand,
What is derived demand
28
cards
1.2.3
What is price elasticity of demand,
What is the formula for calculati...,
What is unitary elastic ped
38
cards
1.2.4
What is supply,
What is the law of supply,
What does the supply curve show
20
cards
1.2.5
What is price elasticity of supply,
What is the formula for calculati...,
If supply is elastic what does it...
14
cards
1.2.6
What does equilibrium mean,
What is disequilibrium,
What does equilibrium price repre...
16
cards
1.2.7
What did adam smith describe,
What is the price mechanism,
Through choice consumers send inf...
13
cards
1.2.8
What is consumer surplus,
Consumer surplus is the different...,
How is consumer surplus affected ...
8
cards
1.2.9
What is an indirect tax,
What are examples of indirect taxes,
What are the 2 types of indirect ...
15
cards
1.2.10
Behaviour in markets is strongly ...,
What are examples of social norms,
What is habitual behaviour
16
cards
1.3.1
What is the main role of prices i...,
When do market failures exist,
When does complete market failure...
9
cards
1.3.2
What are externalities,
Externalities are impacts on,
Why are externalities not reflect...
26
cards
1.3.3
What are the two main characteris...,
What is excludable as a character...,
What is rival in consumption as a...
18
cards
1.3.4
When does information failure occur,
When would a government intervene...,
What are examples of information ...
14
cards
1.4.1
In a free market system what view...,
What is the role of the government,
What is government intervention
52
cards
1.4.2
When can government failure happen,
What is government failure,
3
cards
More about
Economics Theme 1
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